Crypto-skeptic U.S. Senator Elizabeth Warren has led a letter to the Office of the Comptroller of the Currency (OCC), raising concerns about potential conflicts of interest tied to the Trump family’s cryptocurrency business ventures.
Warren, joined by Senators Chris Van Hollen and Ron Wyden, addressed OCC head Jonathan Gould on Thursday, expressing worry over “Trump and his family’s continued use of cryptocurrency business ventures to line their pockets.”
The senators requested details on the measures the OCC will take to prevent President Donald Trump’s financial interests from influencing the agency’s responsibility to maintain the safety and soundness of the banking system.
The Trump family has become involved in multiple crypto ventures, including a crypto mining company and a trading platform that recently launched a stablecoin.
The senators also highlighted concerns regarding newly approved stablecoin legislation, the GENIUS Act, which designates the OCC as the primary regulator for stablecoins.
“Importantly, the bill fails to stop President Trump, his family, or their associates from profiting financially from the issuance, sale, and use of stablecoins in transactions,” the letter stated.
Trump family’s stablecoin faces scrutiny
In March 2024, the Trump family’s decentralized finance platform, World Liberty Financial, unveiled a stablecoin named USD1.
In their letter, the senators stated that the Trump family’s personal wealth is “deeply connected” to the success of USD1 and their other crypto ventures, warning that President Trump “has the ability to directly shape national cryptocurrency policies for his own financial gain.”
“The launch of a stablecoin directly tied to a sitting President who stands to benefit financially from the stablecoin’s success is itself an unprecedented conflict of interest presenting significant threats to our financial system.”
USD1 described as a “staggering example of corruption”
The letter also pointed to a $2 billion deal in which Emirati firm MGX would invest in the crypto exchange Binance using USD1. The senators described this arrangement as “a staggering model for corruption,” warning that it could potentially earn the Trump family hundreds of millions of dollars.
They expressed concern over USD1 being used to finance what they called “a foreign government-backed entity (MGX) and a foreign corporation (Binance) that has pleaded guilty to criminal violations of U.S. anti-money laundering and sanctions laws.”
Additionally, reports indicate that Binance played a role in developing the code behind USD1.
Demands for answers
The letter questions whether Gould believes President Trump can dismiss him “at his pleasure” and asks if he would resign and provide evidence to Congress if pressured.
The senators also inquired whether the OCC plans to investigate World Liberty’s competitors, demanding a response by August 14.
USD1, the Trump family’s stablecoin, ranks as the seventh-largest globally—surpassing stablecoins from PayPal and Ripple—with a market capitalization of $2.17 billion, according to CoinGecko.
